Home
News
- 1 The BTG crypto has been on a broadening wedge pattern on the chart, indicating strong bullish momentum.
- 2 The MACD is in a bullish state and showing convergence signs, with an anticipated bullish cross.
The Bitcoin Gold (BTG) crypto has been on an uptrend, increasing by 0.18%, 7.57%, and 35.24% in the past week, month, and three months respectively, showing a stable and positive performance.
BTG crypto has been following an upward broadening wedge pattern on the chart, highlighting the strength of the bullish momentum. The main uptrend started from the demand zone at $12 and reached a high of $29, where it encountered the supply zone and established support at $20.
However, the Bitcoin Gold crypto has shown a sign of recovery, as the price bounced from a key level of around $20 on the chart.
Can Bitcoin Gold SkyRocket Soon?
At the time of publishing, the BTG crypto is experiencing a surge of 3.69% in the last 24 hours, trading at $22.595. The BTG crypto is poised for a spectacular rally on the upside, as it could smash the resistance level and soar to new heights from the current support zone.
Furthermore, the BTG crypto asset is showing bullish strength and rising potential as it stays above major 20, and 50-Day EMAs.
The asset is in a strong uptrend above the zero line, as the MACD is in a bullish state and showing both line’s convergence signs, and a bullish cross is anticipated next. Where the MACD line is at 0.112, the signal line is at 0.178, and the histogram is growing which is at -0.066.
The RSI shows no signs of overbought conditions, suggesting that the BTG asset has more space to grow. Besides, RSI is at 56 and taking support on the 14-SMA, which is at 51.
Therefore, if the demand for Bitcoin Gold remains high, the asset price could continue to rise from the current level. The next target for the price could be to reach $32 while the supply zone and the intermediate resistance would be $25.
However, if the BTG crypto price falls below the $20 level, it could drop further and could even break out of the wedge.
Summary
The BTG crypto asset is showing bullish strength and rising potential as it stays above major 20, and 50-Day EMAs, MACD is showing signs of convergence, and RSI is at 56 after taking support on the 14-SMA.
Therefore, if the demand for Bitcoin Gold remains high, the asset price could continue to rise from the current level. The next target for the price could be to reach $32 and test the supply zone and the intermediate resistance would be $25.
Technical Levels
Support Levels: $20
Resistance Levels: $25
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
